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Mike Vick went bankrupt sitting in prison. How did that happen?


oregonsfan
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ESPN The Magazine

I know there are some who believe it just isn't possible that he is broke - he certainly must have cash stashed away somewhere - and refuse to believe that bankrupt really means bankrupt. I think this article answers the question of how it could have happened...and remember, this was all occuring while he was in prison. There is certainly no reason to believe his spending habits were more conservative before he was incarcerated.

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More details here: AJC.com

If it turns out his creditors can prove he intentionally depleted his assets for the purpose of avoiding creditors immediately prior to his incarceration, then the end may be in sight for this Chapter 11. Not only does he require creditor approval for any plan he proposes (not something they may be willing to give under the circumstances), but Chapter 11 is not the most effective type of bankruptcy to deal with fraud.

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